The Calgary Real Estate Board(CREB) held their 2018 Forecast Conference & Trade Show this week, and even though there will be some challenges this year, it does look like there is some optimism in our future!
“Housing market conditions are expected to remain relatively unchanged in 2018,” said CREB® chief economist Ann-Marie Lurie. “The market will continue adjusting to the ‘new normal’ in this economy. However, there was modest job growth and net migration last year, with expectations of further improvements into 2018.”
While Calgary is officially out of a long period of economic downturn, the path to recovery is expected to be bumpy. The impact of stricter lending criteria and higher interest rates is likely to offset the modest improvements in the economy.
More balanced market conditions will be led by the attached and detached sectors of the market, while the apartment sector will continue to struggle with excess inventory in 2018. Prices will likely continue to face some downward pressure in the apartment sector, with stabilization not expected until the latter portion of the year.
Overall sales in 2018 could be similar to last year, and very close to numbers from 2015. More listings are also expected this year than in the previous 3 years, which means there could be more competition for sellers.
If you would like more information about this report or if you would like to buy or sell your home, please call me today!
Bruce Voigt – REALTOR
RE/MAX Rocky View Real Estate